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Child Support Mortgage

Your child is over 18, but you had a child support order established before the child turned 18 and are owed past due for that support. There are two general paths you can follow to receive support outside of the courts, both of which go through Virginia’s social services department.

When you apply for an FHA mortgage and list alimony or child support payments as legitimate income, your loan officer will examine the ratio of your other income versus the amount of child support or alimony you receive. Depending on the amount and your lender’s policies, certain requirements govern how that income is to be considered.

GRANITEVILLE, Staten Island (WABC) — The family of a fallen soldier who made the ultimate sacrifice was gifted a.

Even though their incomes were high, many argued that after paying their mortgage, student loans and child care and other.

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Child support is the financial obligation you have to support your child as he or she matures. If you have custody of your child, the courts assume that you fulfill your financial obligation. If your child does not live with you, however, the courts may require that you pay child support to the custodial parent.

Child Support Payments In Debt to Income Ratios. Many mortgage loan borrowers do not realize this and a large percentage of mortgage loan borrowers get disqualified for a mortgage loan approval due to child support payments. Child support payments are not cheap depending on the amount of children.

If child support or alimony is your sole source of income it may be nearly impossible to qualify for a loan, but lets take a look at the facts. As with all other documentation for mortgage applications, child support verification is no different; you have to be able to prove it exists and is received on a regular basis.

She currently receives $8,000 a month in child support, but thinks she warrants more, as her monthly expenses top ,000. Kelis said in court documents that she spends $5,726 on her mortgage, $4,500.

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(1) If the obligee is living in the marital residence and the mortgage payment exceeds 25% of the obligee’s monthly net income (including amounts of spousal support, alimony pendente lite, and child support), the trier-of-fact may direct the obligor to assume up to 50% of the excess amount as part of the total support amount.